摘要
既有研究发现企业R&D投入的回报不高甚至为负,这与R&D投入对经济增长具有重要作用的直觉背道而驰。其原因在于传统以知识资本模型为基础的研究,其估计的是平均R&D投入回报,平滑掉了R&D投入回报的企业异质性。文章建立了结构估计模型正式处理了R&D投入回报的不确定性、非线性以及企业异质性。与既有结构模型的区别在于,文章在模型中考虑了溢价的企业异质性,并明确处理了影响企业需求的因素。研究结果表明:R&D投入的回报确实是不确定的和非线性的,从而具有十分明显的企业异质性;个别企业的R&D投入回报甚至可以高出平均回报数倍,这足以为企业提供很强的R&D投入激励。R&D投入回报的企业异质性是理解平均意义上R&D投入回报较低与宏观层面R&D投入对经济增长具有重要作用的现实并存的钥匙。因此,我们有充分的理由相信,R&D投入及由此带来的生产率改善,能够成为新常态下推动中国经济持续发展的主要力量。
The existing research finds that R＆D investment at firm level has low or even negative performance.And it cannot support the inference that R＆D investment has important effect on economic growth.The reason lies in that traditional research based on knowledge capital model estimates average returns of R＆D investment and smooths out the firm heterogeneity of returns of R＆D investment.This paper constructs a structural model to deal with uncertainty,nonlinearity and heterogeneity of returns of R＆D investment.Compared with existing structural models,it takes firm heterogeneity of premium into account,and specifically addresses factors affecting firm demand.It arrives at the conclusions as follows：firstly,the returns of R＆D investment are actually uncertain and nonlinear,thereby having very obvious firm heterogeneity;secondly,the returns of R＆D investment in individual enterprises can even be higher than average returns several times,which is enough to provide a strong incentives for R＆D investment.Firm heterogeneity of returns of R＆D investment is the key to the understanding of coexisting of low returns of R＆D investment in average sense and the importance of R＆D investment to economic growth at macro level.Therefore,it fully believes that R＆D investment and resulting productivity improvement can be the main force for promoting sustainable economic development in China in the new normal.
出处
《财经研究》
CSSCI
北大核心
2016年第9期121-132,共12页
Journal of Finance and Economics
基金
国家自然科学基金(71173019
71373026)
关键词
R&D投入回报
企业生产率
企业异质性
结构估计
return of R＆D investment
firm productivity
firm heterogeneity
structural estimation
